26 years old and don't know what to do next

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Topic Author
owenmollie
Posts: 8
Joined: Fri Feb 07, 2020 5:49 pm

26 years old and don't know what to do next

Post by owenmollie »

Hi all!
I'm 26y/o

I have ~51k between my 401k, roth, money market and personal accounts.
No house of my own yet (living with bf in his house)
35k in debt to car (I know it was not the best choice.. no lectures please!)
No significant credit card debt or student loans.

Emergency funds: 8k.. which is ~6 months

Debt: 35k @~4.39% interest (car)

Tax Filing Status: single

Tax Rate: ?? Not sure where to find this?? Federal, ??State

State of Residence: Oregon

Desired Asset allocation: xx% stocks / xx% bonds... whatever is best for my age. I'm still learning about these methods.
Desired International allocation: xx% of stocks... not sure.

I believe my current portfolio falls ito the mid five figures..

Current retirement assets

Taxable
5% cash

401k:
35% through employer with 6%match from them. I am maxing that contribution.

Roth IRA:
5%

Single (money market):
30%

Contributions

New annual Contributions
?? 401k (6%).... I'll go look into that and learn more about it...
$100 into ROTH IRA
$100 into Money Market

Available Funds
(Besides what I posted above... I'm not sure what I'd post differently under this category)

I am not including the boyfriends information at this time because I am concerned about his ability to be financially savvy and am keeping my decisions separate from him at this time.

*** So far... from the most recent comments... it sounds like I'm way more uneducated than I thought I was. Any good books to help with this problem? Simple is always better for me if possible!***

I'm looking for advice/guidance on what to do next! I feel like I'm stagnating. I've been speaking to my dad about Vanguard but haven't gotten around to taking advantage of it yet but I plan to.

I've been looking into buying property but the loans that my loan officer has been able to approve me for is only good up to 280k (I dont qualify for first time homebuyer loans) and that doesnt seem to get me into any decent homes (*yet*).

Any other thoughts/suggestions/specific articles or books you recommend me reading? I want to make the smartest choices I can to live a financially stable/healthy life and not worry about retirement.

Thank you for your help! I love this site!
Last edited by owenmollie on Fri Feb 07, 2020 9:45 pm, edited 1 time in total.
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Watty
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Re: 26 years old and don't know what to do next

Post by Watty »

A lot more information would be needed to give any good suggestions.
owenmollie wrote: Fri Feb 07, 2020 7:55 pm I have ~51k between my 401k, roth, money market and personal accounts.
What is your income?

What are your marginal tax rates?

How is that $51K split between the different types of accounts?
owenmollie wrote: Fri Feb 07, 2020 7:55 pm I've been looking into buying property but the loans that my loan officer has been able to approve me for is only good up to 280k (I dont qualify for first time homebuyer loans) and that doesnt seem to get me into any decent homes (*yet*).
How much does housing cost in your area?
owenmollie wrote: Fri Feb 07, 2020 7:55 pm No house of my own yet (living with bf in his house)

........

I've been looking into buying property but the loans that my loan officer has been able to approve me for is only good up to 280k (I dont qualify for first time homebuyer loans) and that doesnt seem to get me into any decent homes (*yet*).
If you end up getting married then you would have two houses to deal with.

Why would you want to buy a house now?
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yangtui
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Re: 26 years old and don't know what to do next

Post by yangtui »

buying real estate can be extremely overrated. at 26 flexibility is super important. unless you really want to settle down, mobility is super important if you want to keep building human capital. buying can get in the way of this. focus on maxing out tax advantaged accounts.
annu
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Re: 26 years old and don't know what to do next

Post by annu »

What is your car loan agreement? Is it high rate?
pasadena
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Location: PNW

Re: 26 years old and don't know what to do next

Post by pasadena »

I would start by a good review of your current situation. See if there is something that you can do better, or differently. Then once that's cleaned up (if needed), we can start talking about the next steps.

I recommend you edit your OP in the format outlined in this post. At the end of the post, ask whatever question you might have regarding those next steps.

As for buying a home, there is no hurry if you're not financially and personally ready. Does your bf own the house you live in? Do you have plans for the future together?
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Wiggums
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Re: 26 years old and don't know what to do next

Post by Wiggums »

Watty wrote: Fri Feb 07, 2020 8:39 pm A lot more information would be needed to give any good suggestions.
owenmollie wrote: Fri Feb 07, 2020 7:55 pm I have ~51k between my 401k, roth, money market and personal accounts.
What is your income?

What are your marginal tax rates?

How is that $51K split between the different types of accounts?
owenmollie wrote: Fri Feb 07, 2020 7:55 pm I've been looking into buying property but the loans that my loan officer has been able to approve me for is only good up to 280k (I dont qualify for first time homebuyer loans) and that doesnt seem to get me into any decent homes (*yet*).
How much does housing cost in your area?
owenmollie wrote: Fri Feb 07, 2020 7:55 pm No house of my own yet (living with bf in his house)

........

I've been looking into buying property but the loans that my loan officer has been able to approve me for is only good up to 280k (I dont qualify for first time homebuyer loans) and that doesnt seem to get me into any decent homes (*yet*).
If you end up getting married then you would have two houses to deal with.

Why would you want to buy a house now?
+1
Topic Author
owenmollie
Posts: 8
Joined: Fri Feb 07, 2020 5:49 pm

Re: 26 years old and don't know what to do next

Post by owenmollie »

annu wrote: Fri Feb 07, 2020 8:44 pm What is your car loan agreement? Is it high rate?
Loan is at ~35k and rate is ~4.39%. I believe for 6 years??
Dyloot
Posts: 224
Joined: Mon Oct 14, 2013 8:04 am

Re: 26 years old and don't know what to do next

Post by Dyloot »

For a general overview, I’d recommend reading Bogle’s book. It’s a quick read if you’re interested in the topic.

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits) https://www.amazon.com/dp/1119404509/re ... pEb2NY018Z

If you’re looking for inspiration and adopting a financial productive mindset, I’d recommend this one.

The Simple Path to Wealth: Your road map to financial independence and a rich, free life https://www.amazon.com/dp/1533667926/re ... pEb6GH2DQN

Some here don’t agree with some of Collins’ recommendations or conclusions, but I think it’s an excellent book for a young person looking for what to do next.

Like the Bogle book, it’s a quick read. Both books will help you build financial and investing literacy, especially if you’re interested in the Boglehead approach.
Topic Author
owenmollie
Posts: 8
Joined: Fri Feb 07, 2020 5:49 pm

Re: 26 years old and don't know what to do next

Post by owenmollie »

Wiggums wrote: Fri Feb 07, 2020 8:59 pm
Watty wrote: Fri Feb 07, 2020 8:39 pm A lot more information would be needed to give any good suggestions.
owenmollie wrote: Fri Feb 07, 2020 7:55 pm I have ~51k between my 401k, roth, money market and personal accounts.
What is your income? just over 50k

What are your marginal tax rates? From a quick google I appear to fall into the 22% range

How is that $51K split between the different types of accounts? see edited post
owenmollie wrote: Fri Feb 07, 2020 7:55 pm I've been looking into buying property but the loans that my loan officer has been able to approve me for is only good up to 280k (I dont qualify for first time homebuyer loans) and that doesnt seem to get me into any decent homes (*yet*).
How much does housing cost in your area? In Salem, Oregon so we are above avg. for the state but not Portland. Avg house in my area runs about 320k?
owenmollie wrote: Fri Feb 07, 2020 7:55 pm No house of my own yet (living with bf in his house)

........

I've been looking into buying property but the loans that my loan officer has been able to approve me for is only good up to 280k (I dont qualify for first time homebuyer loans) and that doesnt seem to get me into any decent homes (*yet*).
If you end up getting married then you would have two houses to deal with. yes, that's fine with me. Investment properties. I grew up around rental properties and consider them to be a wonderful source of income.

Why would you want to buy a house now?
rental property income

+1
Topic Author
owenmollie
Posts: 8
Joined: Fri Feb 07, 2020 5:49 pm

Re: 26 years old and don't know what to do next

Post by owenmollie »

Dyloot wrote: Fri Feb 07, 2020 11:06 pm For a general overview, I’d recommend reading Bogle’s book. It’s a quick read if you’re interested in the topic.

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Little Books. Big Profits) https://www.amazon.com/dp/1119404509/re ... pEb2NY018Z

If you’re looking for inspiration and adopting a financial productive mindset, I’d recommend this one.

The Simple Path to Wealth: Your road map to financial independence and a rich, free life https://www.amazon.com/dp/1533667926/re ... pEb6GH2DQN

Some here don’t agree with some of Collins’ recommendations or conclusions, but I think it’s an excellent book for a young person looking for what to do next.

Like the Bogle book, it’s a quick read. Both books will help you build financial and investing literacy, especially if you’re interested in the Boglehead approach.

Wonderful! Thank you so much!!
pasadena
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Location: PNW

Re: 26 years old and don't know what to do next

Post by pasadena »

Thanks for updating your post (and welcome to the forum!). I think your priority for now would be to define your goals - short term, mid-term, long-term. What do you want to do with your money?

In addition to the books above, I recommend the wiki.

- Getting Started
- Financial Planning
- Paying down loans vs investing
- and one of my favorite for people starting out : Prioritizing Investments

A couple of things that stand out to me:
- When you say you are maximizing the 401(k), do you mean that you are participating enough to get the full employer match, or maxing-out the account ($19,500 employee contribution per year)?
- Any particular reason why you have so much money in a money market account? Is your emergency fund part of that?
Topic Author
owenmollie
Posts: 8
Joined: Fri Feb 07, 2020 5:49 pm

Re: 26 years old and don't know what to do next

Post by owenmollie »

pasadena wrote: Fri Feb 07, 2020 11:18 pm Thanks for updating your post (and welcome to the forum!). I think your priority for now would be to define your goals - short term, mid-term, long-term. What do you want to do with your money?

Thank you and I apologize now for being fairly uneducated. I'll be sure to read those books and articles. What would be a good outline for those goals? I'd like to reach or at least come close to FI in the rest of my adult life and I want to be 100% secure after retirement with decently sized inheritance left for my someday children and grandchildren. I know that looks different for every person so I'm not quite sure how to specifically define that. I don't need a Lamborghini but we'd like to go on cruises every year without a worry about money.

In addition to the books above, I recommend the wiki.

- Getting Started
- Financial Planning
- Paying down loans vs investing
- and one of my favorite for people starting out : Prioritizing Investments

A couple of things that stand out to me:
- When you say you are maximizing the 401(k), do you mean that you are participating enough to get the full employer match, or maxing-out the account ($19,500 employee contribution per year)?
I'm going to have to look into that again. I believe I'm participating enough for full employer match.

- Any particular reason why you have so much money in a money market account? Is your emergency fund part of that?
To be honest it's because my advisor informed me that money markets are basically savings accounts with better interest rates. She tried to explain it further but I couldn't understand it all. She said it was still liquid so I figured if I'm not in need of it right now during this lull why not invest it in something with better interest rates that also allows me to withdrawl anytime without consequence. All the money that was in there was only sitting in my savings. No I don't consider that to be part of my emergency fund.
pasadena
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Location: PNW

Re: 26 years old and don't know what to do next

Post by pasadena »

owenmollie wrote: Fri Feb 07, 2020 11:45 pm
pasadena wrote: Fri Feb 07, 2020 11:18 pm Thanks for updating your post (and welcome to the forum!). I think your priority for now would be to define your goals - short term, mid-term, long-term. What do you want to do with your money?

Thank you and I apologize now for being fairly uneducated. I'll be sure to read those books and articles. What would be a good outline for those goals? I'd like to reach or at least come close to FI in the rest of my adult life and I want to be 100% secure after retirement with decently sized inheritance left for my someday children and grandchildren. I know that looks different for every person so I'm not quite sure how to specifically define that. I don't need a Lamborghini but we'd like to go on cruises every year without a worry about money.
You don't have to apologize, nobody here was born with any financial knowledge either. I think it's great that you are taking those steps at a young age.

Those are good goals. They probably need to be refined a bit, but it's a pretty good start. It *does* take time to flesh them out, so don't be frustrated, and take the time you need to mull over it and come up with something that works for you. Goals are also flexible.

I personally like the SMART method, which I use pretty loosely. So for each goal, try to define how much money you need, and the time horizon. It gets looser as the time horizon gets longer, that's fine.

For example (from shorter to longer time horizon)

- Goal #1: a cruise every year: $3000 per year. Time horizon: short (few months to a year). Acceptable risk level: none. Priority: 3
- Goal #2: buy a house: $80,000. Time horizon: 5-10 years. Acceptable risk level: low to moderate. Priority: 2
- Goal #3: early retirement at 50 years-old. Time horizon: 24 years. Acceptable risk level: moderate to high. Priority: 1.

Other goals could be to pay off your car loan, or buy a car, save for the kids' college, or a wedding. Or take a year off. Or go to grad school. Help your parents. Whatever.

For each you also should define your flexibility (can I skip the cruise one year? Can I buy a cheaper home or wait longer? Can I retire at 55 instead of 50?). That will hep define the level of risk you're willing to take.

Doesn't have to be precise, doesn't have to be 100% comprehensive. Keep it short and simple - goals with a similar time horizon can be dumped into one. You just need to have a good idea of what you want to achieve. Then we can talk investments, asset allocation, and asset location.
A couple of things that stand out to me:
- When you say you are maximizing the 401(k), do you mean that you are participating enough to get the full employer match, or maxing-out the account ($19,500 employee contribution per year)?
I'm going to have to look into that again. I believe I'm participating enough for full employer match.
Start there. Take a good look at your current situation, get clear on where you're at now.
- Any particular reason why you have so much money in a money market account? Is your emergency fund part of that?
To be honest it's because my advisor informed me that money markets are basically savings accounts with better interest rates. She tried to explain it further but I couldn't understand it all. She said it was still liquid so I figured if I'm not in need of it right now during this lull why not invest it in something with better interest rates that also allows me to withdrawl anytime without consequence. All the money that was in there was only sitting in my savings. No I don't consider that to be part of my emergency fund.
She's not wrong. The only difference is FDIC insurance, but honestly, that's not super important right now. I also have most of my cash in MM.
Topic Author
owenmollie
Posts: 8
Joined: Fri Feb 07, 2020 5:49 pm

Re: 26 years old and don't know what to do next

Post by owenmollie »

pasadena wrote: Sat Feb 08, 2020 12:04 am
owenmollie wrote: Fri Feb 07, 2020 11:45 pm
pasadena wrote: Fri Feb 07, 2020 11:18 pm Thanks for updating your post (and welcome to the forum!). I think your priority for now would be to define your goals - short term, mid-term, long-term. What do you want to do with your money?

Thank you and I apologize now for being fairly uneducated. I'll be sure to read those books and articles. What would be a good outline for those goals? I'd like to reach or at least come close to FI in the rest of my adult life and I want to be 100% secure after retirement with decently sized inheritance left for my someday children and grandchildren. I know that looks different for every person so I'm not quite sure how to specifically define that. I don't need a Lamborghini but we'd like to go on cruises every year without a worry about money.
You don't have to apologize, nobody here was born with any financial knowledge either. I think it's great that you are taking those steps at a young age.

Those are good goals. They probably need to be refined a bit, but it's a pretty good start. It *does* take time to flesh them out, so don't be frustrated, and take the time you need to mull over it and come up with something that works for you. Goals are also flexible.

I personally like the SMART method, which I use pretty loosely. So for each goal, try to define how much money you need, and the time horizon. It gets looser as the time horizon gets longer, that's fine.

For example (from shorter to longer time horizon)

- Goal #1: a cruise every year: $3000 per year. Time horizon: short (few months to a year). Acceptable risk level: none. Priority: 3
- Goal #2: buy a house: $80,000. Time horizon: 5-10 years. Acceptable risk level: low to moderate. Priority: 2
- Goal #3: early retirement at 50 years-old. Time horizon: 24 years. Acceptable risk level: moderate to high. Priority: 1.

Other goals could be to pay off your car loan, or buy a car, save for the kids' college, or a wedding. Or take a year off. Or go to grad school. Help your parents. Whatever.

For each you also should define your flexibility (can I skip the cruise one year? Can I buy a cheaper home or wait longer? Can I retire at 55 instead of 50?). That will hep define the level of risk you're willing to take.

Doesn't have to be precise, doesn't have to be 100% comprehensive. Keep it short and simple - goals with a similar time horizon can be dumped into one. You just need to have a good idea of what you want to achieve. Then we can talk investments, asset allocation, and asset location.
A couple of things that stand out to me:
- When you say you are maximizing the 401(k), do you mean that you are participating enough to get the full employer match, or maxing-out the account ($19,500 employee contribution per year)?
I'm going to have to look into that again. I believe I'm participating enough for full employer match.
Start there. Take a good look at your current situation, get clear on where you're at now.
- Any particular reason why you have so much money in a money market account? Is your emergency fund part of that?
To be honest it's because my advisor informed me that money markets are basically savings accounts with better interest rates. She tried to explain it further but I couldn't understand it all. She said it was still liquid so I figured if I'm not in need of it right now during this lull why not invest it in something with better interest rates that also allows me to withdrawl anytime without consequence. All the money that was in there was only sitting in my savings. No I don't consider that to be part of my emergency fund.
She's not wrong. The only difference is FDIC insurance, but honestly, that's not super important right now. I also have most of my cash in MM.

Wonderful! Thank you so much! That was all so helpful! I'll get to work on the reading, figuring out my 401k and not stressing too much. But always a little 😬
annu
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Re: 26 years old and don't know what to do next

Post by annu »

I would personally take of care of car loan, 4.36 is high rate.
Besides that you have gotten lots of good advise. This forum is not big on rental advise, biggerpockets forum is probably better.
Topic Author
owenmollie
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Re: 26 years old and don't know what to do next

Post by owenmollie »

annu wrote: Sat Feb 08, 2020 12:23 am I would personally take of care of car loan, 4.36 is high rate.
Besides that you have gotten lots of good advise. This forum is not big on rental advise, biggerpockets forum is probably better.
Awesome, thank you. I am a member of biggerpockets so it's good to hear I've stepped in the right direction with that! 😅
Dottie57
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Re: 26 years old and don't know what to do next

Post by Dottie57 »

Hi Op,

One of your goals is to be FI by retirement. To do that you need to save and invest at least 15-20% of your gross income into retirement accounts. If you can’t do that right now, keep improving your saving rate each year.

You probably have quite a few wants as a young person. Cars, vacations, house are valid wants. But you have to prioritize. Live be low your means and make funding your priority. At retirement age you will be happy you did.
RobLyons
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Re: 26 years old and don't know what to do next

Post by RobLyons »

I would refinance that auto loan or get rid of the car if you don't love it.
I think it's OK to have low interest debt, I'm financing 2 autos at 1.60% and a home upgrade (oil heat to gas conversion) at 0% from local credit union and I'm fine with this.
Start a home down payment fund
Max your Roth and work (401k?) fund

Otherwise I'd say you're doing pretty well !
"Great parenting sets the foundation for a better world"
Poorman
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Joined: Sat Jan 11, 2020 9:57 am

Re: 26 years old and don't know what to do next

Post by Poorman »

I'd consider selling the car. It's not an asset, it's a liability. I picked up a brand new ford focus hatch for 15k...

On the other hand if you make great income, plan on paying it off quickly, and you are a car person, i guess it's okay
mortfree
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Re: 26 years old and don't know what to do next

Post by mortfree »

What is no significant credit card or student loan debt?

Does that mean $0 for both where credit cards are paid off monthly?
sd323232
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Re: 26 years old and don't know what to do next

Post by sd323232 »

The car has to go, with 50K income, it is not even a question. Imagine 6 years of car payments going into saving instead.

buy 4-5K used honda civic or corolla instead.
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Watty
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Re: 26 years old and don't know what to do next

Post by Watty »

owenmollie wrote: Fri Feb 07, 2020 7:55 pm Debt: 35k @~4.39% interest (car)
........
What is your income? just over 50k
That is way too expensive of a car to have with your income.

It would be good to take a hard look at selling it and buying something that costs a lot less even if you can't sell it for $35K and have to come up with some more cash to get rid of it.

Even if you bought a new car you could get something like a Corolla for less than $20K

Having a huge car loan like that will also likely make it even more difficult to buy a house if you really want to do that.
owenmollie wrote: Fri Feb 07, 2020 11:09 pm In Salem, Oregon so we are above avg. for the state but not Portland. Avg house in my area runs about 320k?
I used to live in Portland and my wife had some family in Salem. I did not realize that Salem had gotten so expensive. Portland has an urban growth boundary which really limits the ability to build on the outskirts of town which is one of the reasons that housing has gotten so expensive in Portland. I don't recall Salem having similar restrictions so you really need to careful about trying to compare Portland housing to Salem housing.

Even with a rental property pay a lot of attention to the quality of the schools. Some(most?) of the schools in Salem are not very good which can really hurt housing in a bad housing market. In a good market like now it makes a lot less difference.
SchruteB&B
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Re: 26 years old and don't know what to do next

Post by SchruteB&B »

sd323232 wrote: Sat Feb 08, 2020 10:04 am The car has to go, with 50K income, it is not even a question. Imagine 6 years of car payments going into saving instead.
Trying not to lecture as per you request, but have to agree. The car is too expensive for someone at your income.

I would also recommend reading Bernstein’s “If You Can” written specifically for your age group and a very fast read.
https://www.etf.com/docs/IfYouCan.pdf
mortfree
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Re: 26 years old and don't know what to do next

Post by mortfree »

I bought a 23k car when I graduated. New job was paying 30k.

I survived and have a decent net worth now.

You just can’t go on vacation or do fun things.

:mrgreen:
etherlinkage
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Re: 26 years old and don't know what to do next

Post by etherlinkage »

Welcome to the forum! It sounds like you’ve already received some great advice in the thread. I would recommend starting with Bernstein’s “If You Can.” As was pointed out, it’s a quick primer on how to approach finances, and it will prepare you well for books by Bogle. You’re off to a great start - keep it up.
Save early, save aggressively, and stay the course.
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retired@50
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Re: 26 years old and don't know what to do next

Post by retired@50 »

etherlinkage wrote: Sat Feb 08, 2020 11:36 am Welcome to the forum! It sounds like you’ve already received some great advice in the thread. I would recommend starting with Bernstein’s “If You Can.” As was pointed out, it’s a quick primer on how to approach finances, and it will prepare you well for books by Bogle. You’re off to a great start - keep it up.
After that, go down to the local library and get a library card, they're FREE. :D

Then, look for authors like John Bogle, Burton G. Malkiel, more of William J. Bernstein, Charles D. Ellis, Jack Brennan, Richard A. Ferri, Larry E. Swedroe, Ben Carlson, Andrew Tobias, Jonathan Clements, Jason Zweig, Gary Belsky, Jeff D. Opdyke.

I've read over 75 books on personal finance, investments, retirement planning, etc. The power and confidence you gain from a book is very helpful.

Regards,
This is one person's opinion. Nothing more.
tibbitts
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Re: 26 years old and don't know what to do next

Post by tibbitts »

I don't think almost any of the traditional Boglehead advice applies here because of the OP's investment real estate background. It's not for many of us here but certainly works for some people. Having grown up around it, it's probably a natural choice for the OP.
bb
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Re: 26 years old and don't know what to do next

Post by bb »

In hindsight it might be nice to not have purchased the car but new cars have high depreciation so cannot advocate it always makes sense to sell it after the fact.
Northern Flicker
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Re: 26 years old and don't know what to do next

Post by Northern Flicker »

owenmobile wrote: Current retirement assets

Taxable
5% cash

401k:
35% through employer with 6%match from them. I am maxing that contribution.

Roth IRA:
5%

Single (money market):
30%
The above do not add up to 100%. Is there something missing from the list? What do you mean by “Single”? Also, is any of what you describe as cash or money market (both are cash) part of your emergency fund or is it part of your retirement savings?
owenmobile wrote: Contributions

New annual Contributions
?? 401k (6%).... I'll go look into that and learn more about it...
$100 into ROTH IRA
$100 into Money Market
If the money market is part of your retirement savings it would be better to increase your Roth contribution or 401K contribution instead. Is the $100 to Roth and MM annual or monthly?
Risk is not a guarantor of return.
Poorman
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Re: 26 years old and don't know what to do next

Post by Poorman »

2nd post here. Like another said. You already ate the depreciation so screw selling it. Pay it off quickly and enjoy it. Take it as a lesson and don't look back. You are young and have PLENTY of time to save. Cheers
BlackDiamond
Posts: 24
Joined: Fri Aug 16, 2019 7:17 pm

Re: 26 years old and don't know what to do next

Post by BlackDiamond »

Poorman wrote: Sat Feb 08, 2020 1:57 pm 2nd post here. Like another said. You already ate the depreciation so screw selling it. Pay it off quickly and enjoy it. Take it as a lesson and don't look back. You are young and have PLENTY of time to save. Cheers
+1

Selling the car now just compounds the situation. You've already taken a serious hit on depreciation and would just take a huge loss at this point.

Hopefully it's a reliable model, still under warranty and you can stick with it for at least 7yrs. Don't sweat it, you're young and have LOTS of time a head of you to save.
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Watty
Posts: 21367
Joined: Wed Oct 10, 2007 3:55 pm

Re: 26 years old and don't know what to do next

Post by Watty »

A lot more information would be needed to suggest what to do with the car.
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owenmollie
Posts: 8
Joined: Fri Feb 07, 2020 5:49 pm

Re: 26 years old and don't know what to do next

Post by owenmollie »

BlackDiamond wrote: Sat Feb 08, 2020 4:01 pm
Poorman wrote: Sat Feb 08, 2020 1:57 pm 2nd post here. Like another said. You already ate the depreciation so screw selling it. Pay it off quickly and enjoy it. Take it as a lesson and don't look back. You are young and have PLENTY of time to save. Cheers
+1

Selling the car now just compounds the situation. You've already taken a serious hit on depreciation and would just take a huge loss at this point.

Hopefully it's a reliable model, still under warranty and you can stick with it for at least 7yrs. Don't sweat it, you're young and have LOTS of time a head of you to save.
Thank you!
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